Why did Kotak Securities square off my position?
Your position may get squared off in the following scenarios -
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You have an MIS or Cover order (Super Multiple) position which you haven't closed until the designated square off time. Typically, the intra-day auto square off timings are: Cash - 3:20 pm Equity Derivatives - 3:20 pm Currency Derivatives - 4:40 pm Commodities - 20 minutes before close
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You have a position for which you have not maintained sufficient margin after taking position, thereby resulting in a margin shortfall. You will be sent a margin call notification and if you still don't bring in the required funds, your position may be squared off at the discretion of our Risk team. For cases where there could be margin shortfall despite having adequate margins while taking positions, click here. Your all open orders will be cancelled before initiating position liquidation
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Pledged shares are squared off in case of a drop in the value of shares or loss in collateral margins.
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Your open positions can be squared off if you place an unpledge request for your pledged shares but don't have adequate cash balance.
Note: Auto square-off (Call and trade) charges of Rs 50 (+GST) apply for each order squared-off by our system. It is recommended that you close your open intraday positions before the above-mentioned time.